COMMISSIONER OF INCOME-TAX VS ABHIJIT IRON PROCESSORS (PVT.) LTD. (NO.3)
2001 PTD 2617
[248 I T R 109]
[Supreme Court of India]
Present: B.N. Kirpal and S. Rajendra Babu, JJ
COMMISSIONER OF INCOME‑TAX
versus
ABHIJIT IRON PROCESSORS (PVT.) LTD. (NO.3)
C.A. No. 380 of 2000, decided on 13/01/2000.
(Appeal by special leave from the judgment and order, dated April 17, 1998, of the Bombay High Court in I.T.A No.67 of 1996).
Income‑tax‑‑‑
‑‑‑‑Reference‑‑Special deduction‑‑‑New industrial undertaking‑‑ ‑Computation of total income for purposes of calculating special deduction under S.80‑1‑‑ Interest income whether includible ‑‑‑Question of law‑‑‑Indian Income Tax Act, 1961, Ss.80‑I & 256(2).
Held, that the question whether the Tribunal was justified in law in upholding the order of the Commissioner of Income‑tax (Appeals) in directing the Assessing Officer to include interest income in the gross total income while computing the deduction under section 80‑I of the Income Tax Act, 1961, was a question of law.
R. N. Trivedi, Tara Chandra Sharma, Ms. Sushma Suri and Shaikumar Dwivedi, Advocates for Appellant.
V. V. Lalit, Advocate for Respondent.
ORDER .
Leave granted.
After hearing learned counsel for the parties, we direct the Tribunal to state the case and refer the following question of law to the High Court:
"Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the order of the Commissioner of Income‑tax (Appeals) in directing the Assessing Officer to include interest income in the gross total income while computing the deduction under section 80‑I of the Income Tax Act, 1961?
The appeal is allowed in the aforesaid terms. No costs.
M.B.A./940/FCAppeal allowed.